Quang Ninh province registers second Singaporean investment this year
Quang Ninh province registers second Singaporean investment this year
With only a month and a half into the new year, numerous Singaporean investors have already decided to build factories and pour investment into Quang Ninh province's industrial zones.
Singaporean investors are showing avid interest in Quang Ninh province
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Most recently, Quang Ninh's Management Board of Economic Zones has just handed over the investment certificate for the $30 million factory project of Singapore Lioncore Industries Pte., Ltd.
The factory is located in Dong Mai Industrial Zone in Quang Ninh province's Quang Yen town to produce floor planks as well as vinyl tiles and planks with an annual capacity of 14 million square metres. The project will be accomplished and put into operation in December 2021.
Since early 2021, there have been two new projects in Quang Ninh's industrial and economic zones (IZs and EZs) with a total investment of $40 million.
In the first quarter, the provincial management board will guide investors to prepare and send sufficient documentation and complete administrative procedures, and they are expecting to hand over investment certificates to six newly-registered and one capital adjusted project to raise investment by over $200 million. These are projects in processing and manufacturing that align with the development orientations of Quang Ninh.
In 2021, Quang Ninh's Management Board of EZs aims to lure in around VND20-25 trillion ($869.57-1.1 million) investment into IZs and EZs (excluding Van Don EZ), including VND9.2-11.5 trillion ($400-500) of foreign direct investment (FDI). The province expects to attract 10-12 newly-registered FDI projects and 5-6 project adjustments.
According to the Ministry of Planning and Investment's Foreign Investment Agency, in January 2021, Singapore was the leading investor in Vietnam with $680.7 million in total investment covering 10 newly-registered projects, four adjusted projects, and 13 instances of capital contribution and stake purchase. Accumulated to the end of January, Singapore was the third-largest investor in the country with a total investment of $57.3 billion, hot on the heels of leading investors Japan ($60.5 billion), and South Korea ($70.5 billion).
